Barack Obama believes he should decide how much we should earn. Just in the last few days he went into his favorite mode: attack dog.
When Bank of America decided to respond to the Durbin amendment (which cut down the charges they could charge merchants when debit cards are used to pay for purchase) by charging customers five dollars a month should they decide to use debit cards, Barack Obama attacked the bank by stating that they should only earn a “certain amount of profit.”
This is cheap populism. He and his Illinois pal and political ally created the problem by supporting the amendment cutting the fees charged to merchants. The gall is that they now are attacking people trying to deal with the problem they created. Furthermore, it is disgraceful for a President to engage in such class warfare rhetoric (but, he has an addiction to do this – “millionaires and billionaires” routinely role from his lips and to delve down into business areas that should be and are trivial. There are a myriad of responses people can take when confronted with these charges: they could find another bank or just choose not to use debit cards. America survived for many decades without them.
That is how a free-enterprise economy works. Only in a government-controlled economy does the leader get to decide how much someone can earn. We are not there yet despite our President’s seeming agenda to take us there.